NYT: Company Stops Insuring Titles in Chase Foreclosures
For more: http://s.nyt.com/u/mBri
The company, Old Republic National Title Insurance, told its agents Friday that it would not write policies on foreclosed Chase properties until “the objectionable issues have been resolved,” according to a memorandum sent out by the firm’s underwriting department.

NYT: In Mortgage Ad, Two Wrongs Don't Make a Right
For more: http://s.nyt.com/u/meT7
The ING Direct loan is called a 5/1 Orange Mortgage, and as of early September, it came with a 3.25 percent interest rate for the first five years and a projected interest rate of 3.375 percent for the 25 years after that. But that is not right, in any number of ways.

NYT: Changes on Reverse Mortgages Will Alter Fee Structure
For more: http://s.nyt.com/u/meTo
Starting Monday, the program will introduce a reverse mortgage product known as the Saver, which will nearly eliminate one of the biggest upfront fees that borrowers are required to pay. But the program will also make changes in its standard reverse mortgages that will significantly increase certain costs but, in some cases, make more money available.

NYT: Bank of America to Freeze Foreclosure Cases
For more: http://s.nyt.com/u/meTD
It is the third major lender in the last two weeks to freeze foreclosures in the 23 states [including Kentucky] where the process is controlled by courts.

NYT: Foreclosures Slow as Document Flaws Emerge
For more: http://s.nyt.com/u/meEb
Even lenders with no known problems are expected to approach defaulting homeowners more cautiously and look more aggressively for resolutions short of outright eviction.

NYT: JPMorgan Suspending Foreclosures
For more: http://s.nyt.com/u/mtqZ
In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners so it could review its legal procedures.

Fannie Mae offers a break to service people
For more: http://bit.ly/aN9Utd
Injured members of the military can reduce or suspend their mortgage payments for up to six months through a new program with Fannie Mae.

NYT: Raters Ignored Proof of Unsafe Loans, Panel Is Told
For more: http://s.nyt.com/u/mrbZ
Details of what Wall Street firms knew about the loans they were selling to investors, and when they knew it, are still trickling out in regulatory actions and private lawsuits.

Amid mountain of paperwork, shortcuts and forgeries mar foreclosure process
Washington Post story: http://bit.ly/9OvaSe
The nation's overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower's files, according to court documents and interviews with attorneys, housing advocates and company officials.

Louisville home sales down, but slump slows
Courier-Journal story: http://bit.ly/9U9j59
Members of the Greater Louisville Association of Realtors sold 13 percent fewer houses and condos in August than a year earlier. That comes after a 22 percent drop in July from the previous July.

Housing Starts in August Exceeded Analysts' Forecasts
For more: http://nyti.ms/9mh1gv
Housing starts in the United States increased more than expected in August, to their highest level in four months, and permits for residential construction also rose, government data showed on Tuesday, suggesting that the embattled market was starting to stabilize after the end of a tax credit.

NYT: GMAC Halts Foreclosures in 23 States for Review
For more: http://s.nyt.com/u/mi6f
States where the moratorium is being carried out include New York, Connecticut, New Jersey, Illinois, Florida and 18 others [including Kentucky - editor], mostly on the East Coast and in the Midwest. All of the affected states are so-called judicial foreclosure states, where courts control the interactions of defaulting homeowners and their lenders.

NYT: Layoffs Said to Be Near for Bank of America Unit
For more: http://s.nyt.com/u/mi1T
Echoing the slowdown in activity that has hit Wall Street’s biggest institutions, Bank of America plans to cut several hundred jobs in its investment banking unit this week, according to employees.

NYT: Reasons Not to Refinance a Mortgage
For more: http://s.nyt.com/u/miwr
As with most financial matters, this decision involves a bit of math. At the very least, homeowners will need to determine their closing costs and monthly savings. Divide closing costs by savings; that tells you how many months it will take to break even. If you plan to stay put that long, a refinance might work.

NYT: Citigroup to Sell Unit That Lends to Students
For more: http://s.nyt.com/u/mCVj
Citigroup will take a $500 million loss on the deals, resulting in a write-down for the third quarter, but in the process it will unload nearly $40 billion in student loans from its books.